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April 19, 2023
While the Nikkei is on a 10 day bullish trend, Today's session put the brakes on the ongoing uptrend — the Nikkei retained its composure around the 28,600 level after dropping 0.18%.
This uncertain state for the Nikkei is reflected by published market data as data for Japan Industrial Production published today at 04:30 UTC came out at 4.6%, beating projections of 4.5% and showing improvement over the preceding figure of -5.3%.
Visual analysis of the Nikkei's chart shows that Nikkei is approaching key support, around 63.45 points away from 28,543. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend analysis indicates that investors are seeking long positions as the Nikkei price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. After descending below strong Fibonacci support at 28,600, market bears have earmarked 28,025 as the next downside target. According to asset volatility analysis, the Nikkei's upper Bollinger Band® is at 28,839, suggesting that a downward move may follow.
Overall, while the Nikkei has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
While the Nikkei was pretty flat today, mixed performances were seen elsewhere as Hang Seng stumbles 1.37% today and closed at 20,651. Dow Jones slips 0.33% today and closed at 33,977.
Data to be released tomorrow might clear up some of the market fog as Japan Exports projected to decline to 2.6% while previous data was 6.5%; data will be released today at 23:50 UTC. Japan Tertiary Industry Activity Index (MoM) is expected tomorrow at 04:30 UTC. Japan Adjusted Trade Balance is scheduled for today at 23:50 UTC.
The Nikkei is up 185,755% from the significant low of 15.42 it hit 7 months ago.
